RFP FOR RENEWAL OF DIRECTORS AND OFFICERS INSURANCE LIABILITY POLICY
Union Bank of India · Mumbai, Maharashtra · Other · open
Key facts
- Tender value: ₹10.0L
- Published: 15 Oct 2026
- Closing date: 06 Nov 2026
- Status: open
- Status as of: 20 Oct 2026 23:38 UTC
- Department: Procurement Department
- Office: Central Office, Union Bank Bhavan
Description
Union Bank of India invites eligible IRDAI-registered general insurance companies to submit technical and commercial bids for renewal of its Directors’ and Officers’ Liability Insurance Policy for the period 30 November 2026 to 29 November 2027. Bids are evaluated in a two-bid system, with the contract awarded to the technically qualified L1 bidder based on the quoted premium.
Eligibility & requirements
- Experience required: 5 years
- Past performance: 95%
- Startup relaxation: No
- MSE relaxation: No
- Certifications: Valid IRDAI insurance license
- Documents required: Copy of premium payment receipt for Policy Period 2026–27 for the insurance license, Copy of certificate of incorporation, Self-certified declaration giving details of Directors and Officers liability policies serviced for PSUs, banks or financial institutions, Self-certified declaration of claim settlement ratio and market share, with audited financial statements or CA-certified financial statements for FY 2023–24, 2024–25 and 2025–26, Non-Disclosure Agreement duly signed and stamped as per Annexure I, Declaration duly signed and stamped as per Annexure F confirming the bidder has not been blacklisted, Letter of acceptance as per Annexure B, Quote slip and policy wording as per Annexure C, Covering letter as per Annexure D, No deviation declaration for technical bid as per Annexure E, Checklist for technical bid as per Annexure G, Undertaking as per Annexure J, Power of attorney, board resolution or other authorization document for the authorized signatory, Signed and sealed copy of all pages of the RFP and any corrigendum
New to these terms? Read how tender eligibility criteria work.
Commercial terms
- Bid type: Item Rate
- Evaluation: L1 based on premium quoted in the Commercial Bid
- Make in India (MII): No
- MSE preference: No
Line items (1)
- Renewal of Directors’ and Officers’ Liability Insurance Policy — Qty: 1 policy
1 tender document(s) available — sign up to download.
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